The Asian financial crisis: identification, interdependence, and transmission

The 1980s and 1990s witnessed several episodes of financial turmoil, including the sovereign debt crisis of Latin America in the 1980s, the near-breakdown of the European Exchange Rate Mechanism (ERM) in 1992-1993 and the severe crisis that swept through Asian economies in 1997-1998. Three generations of theoretical models have been proposed to describe and explain such financial crises. The so-called first-generation models ars focussed on the Latin America debt crisis, which is characterised by weak macroeconomic fundamentals ... Zie: Samenvattin